Bank of America Forecasts Strong Price Appreciation for AppLovin (NASDAQ:APP) Stock

AppLovin (NASDAQ:APP) had its price target increased by equities researchers at Bank of America from $252.00 to $375.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 12.56% from the stock’s previous close.

Several other equities analysts have also weighed in on APP. Daiwa Capital Markets raised shares of AppLovin from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $280.00 in a research report on Friday, November 8th. UBS Group upgraded shares of AppLovin from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $100.00 to $145.00 in a report on Tuesday, September 17th. Benchmark restated a “sell” rating and set a $66.00 price target on shares of AppLovin in a research note on Thursday, November 7th. Citigroup increased their price objective on shares of AppLovin from $185.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Macquarie raised their price target on shares of AppLovin from $150.00 to $270.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $249.34.

AppLovin Stock Down 0.0 %

Shares of NASDAQ APP traded down $0.15 during mid-day trading on Monday, reaching $333.16. The company had a trading volume of 1,517,487 shares, compared to its average volume of 4,439,945. The stock has a fifty day moving average of $181.30 and a two-hundred day moving average of $117.71. AppLovin has a 12-month low of $35.79 and a 12-month high of $344.00. The company has a market capitalization of $111.81 billion, a price-to-earnings ratio of 100.96, a PEG ratio of 4.11 and a beta of 1.86. The company has a debt-to-equity ratio of 3.70, a quick ratio of 2.41 and a current ratio of 2.41.

AppLovin (NASDAQ:APP) last issued its earnings results on Wednesday, November 6th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.33. AppLovin had a net margin of 26.85% and a return on equity of 122.24%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business posted $0.30 EPS. The company’s revenue for the quarter was up 38.6% on a year-over-year basis. As a group, equities research analysts expect that AppLovin will post 4.05 EPS for the current year.

Insider Buying and Selling at AppLovin

In other news, CFO Matthew Stumpf sold 21,101 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $332.67, for a total value of $7,019,669.67. Following the completion of the sale, the chief financial officer now owns 213,336 shares of the company’s stock, valued at approximately $70,970,487.12. The trade was a 9.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Craig Scott Billings sold 18,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $318.94, for a total transaction of $5,740,920.00. Following the completion of the sale, the director now owns 2,987 shares in the company, valued at approximately $952,673.78. The trade was a 85.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,065 shares of company stock worth $233,072,408 over the last quarter. 14.69% of the stock is currently owned by insiders.

Hedge Funds Weigh In On AppLovin

Several institutional investors and hedge funds have recently added to or reduced their stakes in APP. National Bank of Canada FI increased its stake in shares of AppLovin by 4.0% in the third quarter. National Bank of Canada FI now owns 1,003 shares of the company’s stock valued at $131,000 after buying an additional 39 shares during the period. Great Valley Advisor Group Inc. raised its position in shares of AppLovin by 2.2% during the third quarter. Great Valley Advisor Group Inc. now owns 2,837 shares of the company’s stock worth $370,000 after acquiring an additional 60 shares during the last quarter. HM Payson & Co. lifted its stake in shares of AppLovin by 50.0% in the third quarter. HM Payson & Co. now owns 300 shares of the company’s stock worth $39,000 after acquiring an additional 100 shares during the period. Aptus Capital Advisors LLC boosted its holdings in AppLovin by 0.3% in the third quarter. Aptus Capital Advisors LLC now owns 33,478 shares of the company’s stock valued at $4,371,000 after acquiring an additional 104 shares during the last quarter. Finally, Ashton Thomas Securities LLC increased its position in AppLovin by 2.6% during the 3rd quarter. Ashton Thomas Securities LLC now owns 4,797 shares of the company’s stock valued at $626,000 after purchasing an additional 121 shares during the period. Institutional investors own 41.85% of the company’s stock.

About AppLovin

AppLovin Corporation engages in building a software-based platform for advertisers to enhance the marketing and monetization of their content in the United States and internationally. It operates through two segments, Software Platform and Apps. The company's software solutions include AppDiscovery, a marketing software solution, which matches advertiser demand with publisher supply through auctions; MAX, an in-app bidding software that optimizes the value of a publisher's advertising inventory by running a real-time competitive auction; Adjust, a measurement and analytics marketing platform that provides marketers with the visibility, insights, and tools needed to grow their apps from early stage to maturity; and Wurl, a connected TV platform, which distributes streaming video for content companies and provides advertising and publishing solutions through its AdPool, ContentDiscovery, and Global FAST Pass products.